Construction leads way as CBI ups growth forecasts

Grant Prior 8 years ago
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Business leaders at the CBI have raised growth forecasts for 2013 and 2014 following a rise in confidence among a number of sectors including construction.

The CBI is now forecasting GDP growth of 1.2% in 2013, up from 1.0% in its May forecast, after a better than expected second quarter and signs of a pick-up in confidence across a broad range of sectors, including services, construction and manufacturing.

In 2014, the CBI expects the economy to gather pace, forecasting 2.3% GDP growth up from 2.0% in May.

John Cridland, CBI Director-General, said: “The economy has started to gain momentum and confidence is picking up, but it’s still early days.

“We need to see a full-blown rebalancing of our economy, with stronger business investment and trade before we can call a sustainable recovery. We hope that will begin to emerge next year, as the Eurozone starts growing again.

“The Government needs to get behind talented UK businesses to help them break into new export markets and sell great British products and services around the globe.”

The CBI forecasts that the unemployment rate will be 7.8% in 2013, falling to 7.6% in 2014.

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